By Ere-ebi Agedah Imisi
The Minister of Defense, H.E. Mohammed Badaru Abubakar has underscored the vital role of professional accountnts in strengthening Nigeria’s economy.
The Minister noted this while speaking on Wednesday in Abuja at the 1st session of the 2025 Mandatory Continuing Professional Development, MCPD programme, hosted by the Association of National Accountants of Nigeria, ANAN.
According to the Minister accountants must remain steadfast in their duty to add value to Nigeria’s economy by ensuring transparency, accountability, and professionalism in their practice.
Abubakar explained that the accounting profession plays a pivotal role in national development, urging practitioners to uphold the highest ethical standards and contribute meaningfully to economic growth.
While pledging his unwavering support and commitment to the Association of National Accountants of Nigeria (ANAN), the Minister reaffirmed the government’s recognition of the association’s pivotal role and vowed to continue advocating for its progress and long-term sustainability.
In his address, the Chairman of the occasion, Wanki Ibrahim, Permanent Secretary Treasury and Budget FCT, who was represented, emphasized on the importance of public value management in addressing the ever-increasing needs of society and ensuring broader societal impact.
He said that this concept requires managers of public resources to create value for citizens by prioritizing their needs. He explained that public officials should develop services that are perceived as valuable, ensuring efficiency and reliability in service delivery.
He noted that under the leadership of President Bola Tinubu GCFR, all hands must be on deck to fulfill the administration’s promise to the Nigerian people under the ‘Renewed Hope’ agenda.
Also, he stressed on the need for financial professionals to design and operate effective financial and management information systems, prepare timely budgets and financial statements, and comply with regulatory requirements.
Furthermore, he explained that public sector accountants and auditors must embrace a shift from traditional financial management to an approach that considers the impact of services on citizens.
He however, expressed optimism that the outcome of the Mandatory Continuing Professional Development (MCPD) program would be relevant to authorities for implementation.
Meanwhile, the President and Chairman of the Council of the Association of National Accountants of Nigeria (ANAN), Dr. James Ekerare Neminebor, FCNA, noted that professional accountants are instrumental in ensuring financial stability in Nigeria.
Welcoming attendees, Dr. Neminebor acknowledged the efforts of the FCT Minister in infrastructure development, particularly in road construction, which he said has significantly improved connectivity, accessibility, and economic activities in rural areas.
He also applauded the minister’s commitment to education, noting that the rehabilitation of schools in the FCT has created a more conducive learning environment and enhanced academic productivity.
Speaking on the theme of the MCPD session, “Public Value Management for Professional Accountants in Nigeria,” Dr. Neminebor highlighted the importance of accountants in shaping the nation’s economic landscape.
He stated that as the global economy grows more complex, professional accountants must uphold accounting, reporting, and auditing standards to ensure financial transparency and economic stability.
“We are not just number crunchers; we are guardians of public trust, our role extends beyond financial transactions, we are responsible for ensuring transparency, accuracy, and reliability in financial reporting. Public value management and promoting public interest must be at the core of our profession. Our credibility depends on society recognizing that we work for the public good.” he said.
Dr. Neminebor further noted that Nigeria faces significant challenges, including corruption and insecurity, and urged accountants to be at the forefront of tackling these issues. He stressed that accountants must drive public value by identifying and managing uncertainties that could impact national development.
He encouraged professionals to embrace sustainability reporting in their organizations, stating that by doing so, they would demonstrate a commitment to public interest and contribute meaningfully to Nigeria’s economic advancement. “By adopting these strategies, we affirm our role as key contributors to economic development, transparency, and accountability,” he stated.
The ANAN President reaffirmed the association’s commitment to continuous learning and professional excellence, urging participants to take full advantage of the carefully selected topics and expert speakers at the MCPD programme.
Speaking on the sidelines after a paper presentation on Accountability and Reporting in Public Value Management Professor Cyprian Okenwa, a professor of accountancy at Nnamdi Azikiwe University, Awka, noted that accountants serve as essential instruments in economic planning and policy implementation.
He stressed that without accountants, the government would struggle to effectively draft budgets, assess economic performance, and implement fiscal policies.
He maintained that accountants provide the necessary tools and frameworks that guide economic decision-making, urging the government to recognize accountants as strategic partners in national development.
Highlighting the importance of professional ethics, Professor Okenwa stressed that accountants must adhere strictly to established laws, standards, and regulations governing the profession.
He explained that the International Public Sector Accounting Standards (IPSAS) promote transparency, accountability, and comparability in public sector financial management. He maintained that accountants who deviate from these standards risk compromising the credibility of financial reporting.
However, he acknowledged that political interference remains a major challenge, often hindering accountants from executing their duties effectively, particularly in cases where financial leakages and irregularities need to be addressed.
On the effectiveness of financial management reforms, Professor Okenwa cited the Integrated Payroll and Personnel Information System (IPPIS) as a successful initiative in curbing financial mismanagement.
